Webster Bank provided a $30,980,000, six-year construction mini-perm loan to Rendina Healthcare Real Estate to support the development of a purpose-built, Class A medical office building

The three-story, 65,264 square foot medical office building located in Howell Township is owned by a tri-venture between Rendina, a regional health system and a specialty physician group and 100% leased under a 15-year NNN lease.  The Class-A property provides a strategic location to fulfill the health system’s mission to expand its ambulatory services network.

For more than 35 years, family-owned Rendina, based in Jupiter, Florida, has been a national leader in healthcare real estate delivering over 8.2 million square feet across 124 projects in 18 states — totaling $2.17 billion in transaction value.

“Webster Healthcare has been a reliable partner supporting our core development activity and delivered seamless execution and attractive financing terms for this strategically important property.  We look forward to future opportunities to expand our relationship with Webster Bank,” said Mike Rendina, President & Vice Chairman of Rendina Healthcare Real Estate.

“Webster Healthcare is proud to partner with Rendina Healthcare Real Estate on this very important project,” said Steven Dowe, Senior Managing Director and Head of Webster Healthcare CRE and Middle Market Group.  “This transaction further demonstrates Webster’s commitment to the industry and reputation as a strategic source of development and acquisition capital for outpatient medical properties in the U.S.”